5-year hybrid adjustable-rate mortgages: averaged 2.94 percent, with an average 0.4 point, also dropping from last week’s 2.99 percent average. Last year at this time, 5-year ARMs averaged 2.70 percent.

1-year ARMs: averaged 2.51 percent, with an average 0.4 point, falling from last week’s 2.59 percent average. A year ago at this time, 1-year ARMs averaged 2.53 percent.